Markets fall after ECB disappoints

Markets tumbled on Thursday.

The S&P 500 fell 1.4 percent while the STOXX Europe 600 plunged 3.1percent.

Government bonds fell, pushing US 10-year Treasury yields up 14 basis points to 2.32 percent and yields on 10-year German notes up 20 basis points.

Markets sold off after the European Central Bank disappointed investors with the scale of additional stimulus following its monetary policy meeting.

“There were huge expectations for Mr. Draghi and the ECB to provide further stimulus at today’s meeting and in the market’s mind they fell short of those expectations,” said Ryan Larson, head of equity trading at RBC Global Asset Management US Inc.